FedEx to cut up to 2,000 back-office jobs in Europe

Faced with soft freight demand and slow margin growth in the air-based Express unit, its largest segment, the company has embarked on cost cuts to boost profit

FedEx had in March raised its fiscal 2024 profit forecast, as cost cuts helped its earnings per share exceed market expectations.

FedEx is planning to cut between 1,700 and 2,000 back-office jobs in Europe, in its latest push to cut costs as the parcel delivery giant combats a slump in freight demand.

The cuts will be spread over 18 months and would result in a pre-tax cost of $250m (€230.5m) to $375m (€345.8m) related to legal fees and severance benefits, FedEx said.